Wästbygg Gruppen AB (publ) issues new senior secured green bonds, announces results from the tender offer and issues a notice of early redemption of outstanding unsecured bond
Wästbygg Gruppen AB (publ) (the “Company” or “Wästbygg Group”) has today successfully placed senior secured green bonds in an amount of SEK 400,000,000 with a tenor of 3 years (the “New Bonds” or the “New Bond Issue”). The New Bonds will carry floating interest of STIBOR 3m plus 6.25 per cent. per annum and will be issued at par. The settlement date for the New Bonds is expected to be 27 September 2024.
Furthermore, on 4 September 2024, the Company announced a tender offer to the holders of the Company’s existing senior unsecured green bonds 2021/2024 with ISIN SE0016798227 (the “Existing Bonds”) to participate in a tender where the Company, subject to the settlement of the New Bond Issue, repurchases the Existing Bonds for cash at a price of 100.25 per cent. of the nominal amount plus accrued and unpaid interest (the “Tender Offer”). The Tender Offer was, pursuant to a press release issued by the Company on 18 September 2024 subsequently extended / re-opened and expired at 12.00 CEST on 18 September 2024. Existing Bonds in an aggregate amount of SEK 221,000,000 have been validly tendered and accepted by the Company. The settlement date for the Tender Offer is expected to occur on 27 September 2024 in connection with the settlement date of the New Bond Issue.
In accordance with the Company’s press release on 4 September 2024, the Company will, subject to a successful settlement of the New Bond Issue, fully redeem early its outstanding Existing Bonds not being tendered in the Tender Offer (the “Early Redemption”). Provided that the conditions for Early Redemption are met (which will be announced separately), the Existing Bonds will be redeemed on 14 October 2024 (the “Redemption Date”) at the redemption price of 100.25 per cent. of the nominal amount together with accrued but unpaid interest up to (and including) the Redemption Date (the “Redemption Price”). The Redemption Price will be paid to each person who is registered as owner of Existing Bonds in the debt register maintained by Euroclear Sweden at the end of business on 7 October 2024. In connection with the Early Redemption, the Existing Bonds will be de-listed from Nasdaq Stockholm. A notice of early redemption will today be sent to holders directly registered in the debt register as owners of Existing Bonds as per 17 September 2024. The notice of Early Redemption will also be available at the Company’s website.
DNB Markets and Swedbank acted as joint bookrunners for the issuance of the New Bonds, and as dealer managers in connection with the Tender Offer. DNB Markets acted as sole structuring advisor for the Company’s updated green finance framework in connection with the New Bond Issue. Gernandt & Danielsson acted as legal advisor.
For further information, please contact:
Jonas Jönehall, CEO
+46 73 920 19 01
Jonas.jonehall@wbgr.se
Robin Sundin, COO
+46 72 529 30 04
robin.sundin@wbgr.se
About Wästbygg Group:
The Wästbygg Group is a listed construction and project development company that builds and develops residential, commercial buildings and community service properties, as well as logistics and industrial. The group comprises Wästbygg AB, Rekab Entreprenad AB and Logistic Contractor AB.
The group operates in the most expanding markets in Sweden and within Logistic Contractor also in the neighboring Nordic countries. In 2023, the group had sales of SEK 4.8 billion and 550 employees.